Not only could a fraudulent tax preparer steal your refund, but they could also use your personal information to obtain government benefits or loans in your name. If you're planning to hire help this tax filing season, be careful who you entrust your sensitive financial information to.
The tax preparation fees listed on the return for the year in which you pay them are a detailed and varied deduction and can no longer be deducted. These fees include the cost of tax preparation software programs and tax publications.
You can deduct any accounting fees you pay by your company as a deductible business expense, such as the fees you pay to an accountant to establish or maintain your business books, prepare your business tax return, or provide you with tax advice for your business. It's important to note that you may not be able to deduct the full cost of tax preparation fees.
If you deduct the personal tax preparation fees in your Schedule A, the charges will be subject to the 2% AGI limitation. It's important to note that you may not be able to deduct the full cost of tax preparation fees.